January 14, 2007 (LPAC)--Mayor Michael Bloomberg is demanding all New York City agencies impose budget cuts. The NYC Budget Office has issued a report with the rosy projections that the city faces a $3.1 billion budget gap in 2009, a $4.6 billion gap in 2010, and a $6.3 billion gap in 2011.

Speaking on WABC radio, Bloomberg said, "We've told all agencies they must cut spending this six-month period that we're in from January 1st to June 1st, by 2 and a half percent, and they're all doing that. And then we told them they have to be ready to cut spending by next year by 5 percent."